Ownership Society: Homeownership Rate Falls Back to 2000 Level
• CalculatedRiskblog.comThe homeownership rate is back to the level of Q2 2000. So much for the homeownership gains of the last 8+ years. Gone.
Contents Pages by Subject
Housing
Demographic Nightmare: McMansions R.I.P.
• HousingDoom.comThe front end of the baby-boom generation is now pushing past age 60. Over the next 10 years, the increase in household formation throughout New England will be largely confined to those over 55. Such households traditionally look for smaller homes,
The Housing Crash - The Data Confirms A Downward Momentum
• Rense.comWhy is the media misleading the public about housing? The housing market is crashing. There are no "green shoots" or "glimmers of hope"; the market is worn to a stump, it's kaput. Still, whenever new housing figures are releas
Battered U.S. cities buy foreclosed homes to rebuild
• ReutersCalifornia's Riverside County has been one of the most punished areas in the U.S. housing crash and now local leaders are among the first in the nation with a program to buy foreclosed homes and sell them back to young families.
California: Gigantic Foreclosure Tsunami Hitting in Q3 and Q4 of 2009
• DoctorHousingBubble.comIf these patterns hold, we can expect a gigantic tsunami of foreclosures hitting the market in Q3 and Q4 of 2009. And there is no reason to believe otherwise.
New Home Sales Fall 30.6% in March: Sales Crash to 46 Year Low
• CalculatedRiskblog.comThis is the lowest sales for March since the Census Bureau started tracking sales in 1963. (NSA, 34 thousand new homes were sold in March 2009; the previous low was 36 thousand in March 1982).
Meredith Whitney: To the Point on Housing Prices
• Forbes.comStar analyst Meredith Whitney warned home prices will fall by more than 66.0% of current bank assumptions in the 10-City Case-Shiller Index. "Increased liquidity drove home prices higher," Whitney explained, "and contracting liquidity
Fannie Freddie Delinquencies Soar (and they are going to get much worse)
• Michael Shedlock / MishFannie Mae and Freddie Mac mortgage delinquencies among the most creditworthy homeowners rose 50 percent in a month as borrowers said drops in income or too much debt caused them to fall behind, according to data from federal regulators.
Existing Home Sales Decline in March: Back to Early 1998 Level
• CalculatedRiskblog.comExisting-home sales declined 3.0 percent to a seasonally adjusted annual rate of 4.57 million units in March from a downwardly revised level of 4.71 million in February, and were 7.1 percent lower than the 4.92 million-unit pace in March 2008.
Median Income vs Median Home Price: Housing Crisis Has a Way to Go
• Ritholtz.com/blog/In 1979 the New York medium home price was 2.8 times the medium income, today the ratio is still over 6.7.
RealtyTrac: Las Vegas tops foreclosure list
• money.cnn.com/Las Vegas had the highest rate of foreclosures of any city, with one in every 22 homes subject to a foreclosure filing in the first three months of the year. The rate of foreclosure filings was 4.5%, seven times the national average.
Compton Homes Off 80 Percent: Going Back to 1995 Prices.
• DoctorHousingBubble.com03/27/1997: $85,000 Pre-bubble days - 01/26/2006: $312,000 Height of the bubble. - 04/06/09: $69,800 to $64,800 Post bubble
Home Loans Delinquent 60 days increased 394,220 in December and January.
• HousingDoom.comI think this means that for every loan modified by the GSEs during December and January, more than 22 loans became more than 60 days delinquent in the same time period.
Unprecedented Crash: Total Housing Starts, 1959-2009
• ritholtz.com/blog/Note that we are now in uncharted territory — new home starts have never fallen to these levels for as long as the Commerce Department has been tracking this data (since 1959). Note also the magnitude of the drop — it is unprecedented...
Foreclosures: Movin' on up!
• CalculatedRiskblog.comZach Fox at the North County Times brings us another half off sale ... this time in a little higher price range. This is a 5,500 sq foot home in Escondido. Zach says the bank ate $815,000.
Phoenix Real Estate: Stunning Comparison of Low End vs High End
• HousingDoom.comIf you look at homes over $400K, there’s over a year’s worth of homes. Trying to sell a home in the millions? There’s at least a four year supply on the market. There is a much greater disparity now between different price ranges than we have seen
Why a 50% Drop in Housing Is Not the Bottom
• oftwominds.com/At some point speculators who were left out of the initial explosive rise jump in because "prices are a real bargain now."
San Diego's Jim the Realtor: Tells it like it is
• abcnews.go.com/This entertaining and informative six minute video was on ABC Nightline Thursday night.
SoCal Home Sales Increase: Foreclosures are 55.4 Percent of Sales
• CalculatedRiskblog.comRegionwide, foreclosure resales accounted for 55.4 percent of March's resales activity, down from a revised 56.7 percent in February and up from 35.7 percent in March 2008
California Foreclosure Filings Rise to Record High in March of 54,268
• thetruthaboutmortgage.com/Meanwhile, auction sales decreased 41.4 percent from February, with just 10,040 properties sold in March, a 36.6 percent decrease from a year ago.
Auction of Foreclosed Homes in Tucson Sees Prices Fall 55 to 61 Percent
• AZStarnet.comPace offered under the listing price. The bank countered at a price higher than the listing. He offered $275,000, and the lender did not reply, instead sending the property to auction. The brochure claimed a previous high value of $718,000.
Big Banks Increase Foreclosure Activity: 2.1 Million Foreclosures in 2009
• CalculatedRiskblog.comJust something to be aware of as foreclosure activity picks up again - the lull was because of the moratorium, not market fundamentals.
Home Price Depreciation Leading Cause of Mortgage Default
• thetruthaboutmortgage.com/A report released by the Boston Fed last week found that home price depreciation is a leading cause of mortgage default, challenging common arguments that attribute rising delinquencies to unaffordable mortgage payments.
FHA Loans: Over Ten Percent of 10 Month Old Loans are Delinquent
• thetruthaboutmortgage.com/Slightly more than 10 percent of borrowers who took out FHA loans in the first quarter of 2008 were at least two months behind within the first 10 months, according to data analyzed by the Wall Street Journal.
California Real Estate: Home Prices Go in the Wayback Machine to 1990s
• North County TimesMay 1992: $115,500 -- April 2003: $275,000 -- April 2006: $440,000 -- March 2009: $135,000 This home saw a price decline of 69 percent in 35 months.
Foreclosure Sales Stalled by Red Tape
• Washington Post"It's unbelievable. With all we hear about all the homes out there that need to be sold, I have to call my congressman in order to purchase a house," Garcia said. "If that's the process, there's no way we're going to cl
Bloomberg: "The Hamptons" Home Sales Plunge
• YouTube.comTown & Country reported that Prices Plunged 67% in the first quarter, a Median Sale Price Drop of 28%, and Total Sales Volume Decline of 78%
California Foreclosures About To Soar
• zerohedge.blogspot.com/Two months from now, the foreclosure crisis will be top of the news once again catching everyone off guard because of the past six months ‘intervention’. Thanks Washington.
More Squatters Are Calling Foreclosures Home
• NY TimesMichael Stoops, executive director of the National Coalition for the Homeless, said about a dozen advocacy groups around the country were actively moving homeless people into vacant homes — some working in secret, others, like Take Back the Land, ope
Banks aren't reselling many foreclosed homes
• San Francisco ChronicleA vast "shadow inventory" of foreclosed homes that banks are holding off the market could wreak havoc with the already battered real estate sector. Lenders nationwide are sitting on hundreds of thousands of foreclosed homes that they have n
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